Furniture - Burundi

Burundi

In the year 2024, the Furniture market in Burundi is projected to generate revenue of €8.22m.
With an expected annual growth rate of 5.08% (CAGR 2024-2029), the market is anticipated to expand steadily.
The largest segment within this market is the Baby & Children's Furniture segment, which is estimated to have a market volume of €2.39m in 2024.
When compared to other countries on a global scale, in the United States leads in terms of revenue generation, with an estimated revenue of €242bn in 2024.
In relation to the total population of Burundi, the per person revenue for the Furniture market is projected to be €0.61 in 2024.
Despite its limited resources and infrastructure, Burundi's furniture market is experiencing a growing demand for locally-made, sustainable and affordable pieces.

Key regions: Worldwide, United States, China, India, Germany

Definition:

The Furniture market covers different movable objects designed to support various human activities such as sitting, sleeping, and storing items. These objects can include chairs, tables, beds, couches, and cabinets, among others. The design and layout of furniture can have a significant impact on the comfort and functionality of a space, making it an important aspect of interior design and home decor.

Structure:

The Furniture market is divided into seven segments:

The Living Room Furniture segment focuses on furnishings such as sofas, side tables, and media cabinets typically found in the living room. This segment is divided into the following subsegments: Seats & Sofas and Cabinets, TV Stands & Side Tables.
The Bedroom Furniture segment covers furnishings and other accessories used for sleeping and the storage of clothing and other personal items. This segment is divided into the following subsegments: Beds, Mattresses, Closets, Nightstands, & Dressers, and Bedding.
The Kitchen & Dining Furniture segment covers a diverse range of products that are used to meet people’s eating, food storage and preparation needs. This segment is divided into the following subsegments: Kitchenware and Dining Tables, Kitchen Islands & Pantries.
The Outdoor Furniture segment covers products specifically designed to withstand exposure to the elements, such as rain, sun, and wind, and is often made from materials that are weather-resistant.
The Home Office Furniture segment focuses on products that ensure a good working environment at home compared to that of a traditional office. This segment is divided into the following subsegments: Desks & Chairs and Bookcases & Filing Cabinets.
The Lamps & Lighting segment covers various devices and fixtures that provide illumination in a space. This segment is divided into the following subsegments: Table & Floor Lamps, Ceiling Lights & Chandeliers, and Light Bulbs & Fittings.
The Home Décor segment covers a variety of accessories and furnishings designed to make a space more aesthetically appealing. This segment is divided into the following subsegments: Decorations, Carpets & Rugs, Candles, and Curtains & Blinds.

Additional Information:

The Furniture market consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This market includes only business to consumer (B2C) sales. Business to business (B2B) sales (e. g., furniture for coffee shops, offices, etc.) are excluded in the figures shown. For more information on the displayed data, click the info button on the right-hand side of each box. In terms of key players in the furniture market, IKEA is the leading furniture company; however, with the rise of eCommerce, players such as Wayfair are gaining ground.

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Analyst Opinion

The furniture market in Burundi has been experiencing steady growth in recent years, driven by a combination of customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: in Burundi have been shifting towards more modern and stylish furniture designs. Consumers are increasingly looking for furniture that not only serves its functional purpose but also adds aesthetic value to their homes. This shift in preferences has led to an increased demand for furniture with sleek designs, clean lines, and contemporary finishes.

Trends in the market: have also played a significant role in the development of the furniture market in Burundi. The rise of urbanization and the growing middle class have created a larger consumer base for furniture products. As more people move to cities and improve their living standards, the demand for furniture has increased. Additionally, the popularity of online shopping has made it easier for consumers to access a wide range of furniture options, further driving the growth of the market.

Local special circumstances: in Burundi have contributed to the development of the furniture market. The country has a rich cultural heritage, and there is a growing appreciation for locally-made furniture that showcases traditional craftsmanship. This has created opportunities for local artisans and furniture manufacturers to cater to the demand for unique and handcrafted pieces. Furthermore, the government has implemented policies to support the growth of the furniture industry, including providing incentives for investment and promoting exports.

Underlying macroeconomic factors: have also played a role in the development of the furniture market in Burundi. The country has experienced stable economic growth in recent years, which has increased disposable income levels and consumer spending. As people have more money to spend on non-essential items such as furniture, the demand for these products has increased. Additionally, the construction sector in Burundi has been growing, leading to a higher demand for furniture for new homes and buildings. In conclusion, the furniture market in Burundi is developing due to changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The shift towards modern and stylish designs, the rise of urbanization and the middle class, the appreciation for local craftsmanship, and the stable economic growth in the country have all contributed to the growth of the market. As these factors continue to drive demand, the furniture market in Burundi is expected to further expand in the coming years.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.